Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+18.51%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.54%
baseline attrition
Rally response
+4.96%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MHDBlackRock MuniHoldings F | $24M | 10.8% | — | 7.8 yr |
| MQYBlackRock MuniYield Qual | $18M | 8.2% | — | 7.3 yr |
| MYIBlackRock MuniYield Qual | $17M | 7.8% | — | 9.0 yr |
| MUCBlackRock MuniHoldings C | $12M | 5.4% | — | 4.0 yr |
| EIMEaton Vance Municipal Bo | $10M | 4.6% | — | 8.3 yr |
| MYNBlackRock MuniYield New | $10M | 4.3% | — | 5.3 yr |
| RFMZRiverNorth Flexible Muni | $8M | 3.8% | — | 2.8 yr |
| VMOInvesco Municipal Opport | $7M | 3.3% | — | 6.8 yr |
| MMUWestern Asset Managed Mu | $7M | 3.1% | — | 8.5 yr |
| MMDNYLI MacKay DefinedTerm | $6M | 2.9% | — | 2.8 yr |
| RMMRivernorth Managed Durat | $6M | 2.7% | — | 3.5 yr |
| PMOPutnam Municipal Opportu | $6M | 2.7% | — | 6.5 yr |
| DHYCredit Suisse High Yield | $6M | 2.5% | — | 4.3 yr |
| LEOBNY Mellon Strategic Mun | $6M | 2.5% | +7.4% | 4.3 yr |
| PCQPIMCO California Municip | $5M | 2.3% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management65.0%+15.1pp$145M
Asset Management - Income22.2%-24.1pp$50M
Asset Management - Bonds8.6%+7.9pp$19M
Unknown2.3%+0.2pp$5M
Financial - Conglomerates1.2%+0.6pp$3M
Shell Companies0.8%+0.4pp$2M
Country
US97.6%+3.1pp
Unknown2.3%+0.2pp
KY0.1%
HK0.1%
Top 5: 36.9% · Top 10: 54.1% · Top 25: 83.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| FSCO FS Credit Opportunities Corp. | +$0M |
| LEO BNY Mellon Strategic Municipal | +$0M |
| DMII Drugs Made In America Acquisitnew | +$0M |
| AFB AllianceBernstein National Mun | +$0M |
| MHD BlackRock MuniHoldings Fund, I | +$0M |
| MYI BlackRock MuniYield Quality Fu | +$0M |
| MQY BlackRock MuniYield Quality Fu | +$0M |
| MUA BlackRock MuniAssets Fund, Inc | +$0M |
| MUC BlackRock MuniHoldings Califor | +$0M |
| MYN BlackRock MuniYield New York Q | +$0M |
Top sells this quarter · 15
| CCIX Churchill Capital Corp IX Ordiexit | −$0M |
| COLA Columbus Acquisition Corpexit | −$0M |
| MIY BlackRock MuniYield Michigan Q | −$0M |
| MUJ BlackRock MuniHoldings New Jer | −$0M |
| DSM BNY Mellon Strategic Municipal | −$0M |
| DMB BNY Mellon Municipal Bond Infr | −$0M |
| RA Brookfield Real Assets Income | −$0M |
| EOT Eaton Vance National Municipal | −$0M |
| VVR Invesco Senior Income Trust | −$0M |
| VKQ Invesco Municipal Trust | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $223M | 104 | +24.26% | +17.59% | +6.67% | -0.01B |
| 2025-12-31 | $238M | 116 | +29.31% | +17.72% | +11.59% | +0.07B |
| 2025-09-30 | $139M | 92 | +8.64% | +17.52% | -8.88% | -0.10B |
| 2025-06-30 | $238M | 112 | +9.67% | +14.94% | -5.27% | -0.01B |
| 2025-03-31 | $245M | 106 | +11.78% | +8.30% | +3.47% | -0.01B |
| 2024-12-31 | $247M | 108 | +12.98% | +24.89% | -11.90% | -0.05B |
| 2024-09-30 | $290M | 210 | +14.32% | +36.04% | -21.72% | +0.01B |
| 2024-06-30 | $277M | 202 | +1.14% | +24.49% | -23.35% | -0.01B |
| 2024-03-31 | $277M | 174 | -1.12% | +29.62% | -30.75% | -0.02B |
| 2023-12-31 | $281M | 215 | -2.71% | +26.18% | -28.88% | +0.05B |
| 2023-09-30 | $224M | 242 | -5.26% | +21.57% | -26.82% | +0.02B |
| 2023-06-30 | $225M | 255 | +104.00% | +19.42% | +84.58% | +0.01B |
| 2023-03-31 | $213M | 294 | +3.04% | +7.46% | -4.42% | +0.01B |
| 2022-12-31 | $196M | 343 | +1.80% | +7.56% | -5.76% | +0.07B |
| 2022-09-30 | $126M | 309 | +92.72% | -4.93% | +97.65% | -0.13B |
| 2022-06-30 | $134M | 297 | — | — | — | -0.01B |